Accounting MCQ Questions and Solutions with Explanations | Commerce
Accounting MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Accounting MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-1 section-22
Assertion (A): Sinking fund is a charge against profit and loss account. Reason (R): Sinking fund is created for repayment of a long-term liability.
Which of the following statements is correct?
Consider the following statements.
1. Inventory includes raw material, finished goods and goods in process.
2. Inventory is the part of working capital.
3. Inventory includes goods likely to be purchased in the coming months.
Which of the statements given above are correct?
A and B are partners sharing profits in the ratio of 2 : 1 They admit C who agrees that his share of goodwill Rs. 15,000 be debited to his capital he is required to bring in. The future profit sharing ratio of A, B and C will be 2 : 3 : 3 respectively.
A's Capital account in lieu of goodwill will be credited by:
